Healthy Growth Expected for Nonresidential Construction Market

Double digit spending increases expected in commercial sector in 2015 and 2016

Washington, D.C. – July 29, 2015 – Despite the adverse weather conditions that curtailed design and construction activity in the first quarter of the year, the overall construction market has performed extremely well to date.  The greatest amount of activity was seen in the building of commercial properties – most notably offices and hotels – with an unusually high spike in manufacturing construction spending triggered by the surge in domestic oil and natural gas production. 

The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting that spending will see a nearly nine percent increase in 2015, with next year’s projection being 8.2%.

INFOGRAPHIC: To see each of the panelist’s projections, click here

“Buoyed mostly by the red-hot commercial sector, spending on nonresidential buildings should be close to $360 billion this year, approaching $390 billion in 2016,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “But the demographic factors that are also fueling heavy demand for healthcare and education facilities are going to lead to a more balanced construction market in the foreseeable future.” 



About the AIA Consensus Construction Forecast Panel
The AIA Consensus Construction Forecast Panel is conducted twice a year with the leading nonresidential construction forecasters in the United States including, Dodge Data & Analytics, Wells Fargo Securities, IHS-Global Insight, Moody’s economy.com, CMD Group, Associated Builders & Contractors and FMI.  The purpose of the Consensus Construction Forecast Panel is to project business conditions in the construction industry over the coming 12 to 18 months.  The Consensus Construction Forecast Panel has been conducted for 16 years.  

About The American Institute of Architects
Founded in 1857, the American Institute of Architects consistently work to create more valuable, healthy, secure, and sustainable buildings, neighborhoods, and communities. Through nearly 300 state and local chapters, the AIA advocates for public policies that promote economic vitality and public wellbeing. Members adhere to a code of ethics and conduct to ensure the highest professional standards. The AIA provides members with tools and resources to assist them in their careers and business as well as engaging civic and government leaders and the public to find solutions to pressing issues facing our communities, institutions, nation and world. Visit www.aia.org.



Contacts:
Scott Frank
202-626-7467
Email Contact
http://twitter.com/AIA_Media





Review Article Be the first to review this article
Featured Video
Jobs
Senior Structural Engineer for Design Everest at San Francisco, CA
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
GIS Analyst II for Air Worldwide at Boston, MA
Upcoming Events
2017 CURT National Conference at Sheraton Grand at Wild Horse Pass 5594 West Wild Horse Pass Boulvard Chandler AZ - Feb 12 - 15, 2017
32nd RCI International Convention and Trade Show at Anaheim Convention Center Anaheim California - Mar 16 - 21, 2017
2017 Spring BIMForum at Sheraton San Diego Hotel & Marina San Diego California - Apr 3 - 5, 2017
GRAPHISOFT: ARCHICAD download 30-day FREE trial
Graphisoft ARCHICAD  Download a 30-Day FREE trial
TurboCAD pro : Start at $299
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy